HomeContributorsFundamental AnalysisEuro Trading A Tad Lower In The Morning Session

Euro Trading A Tad Lower In The Morning Session

For the 24 hours to 23:00 GMT, the EUR rose 0.12% against the USD and closed at 1.2297.

In economic news, data showed that budget surplus in the US narrowed more-than-anticipated to $49.2 billion in January, compared to a surplus of $51.3 billion in the prior month. Markets were expecting for a surplus of $51.0 billion.

Meanwhile, the US President, Donald Trump unveiled a plan to spend $200.0 billion over 10 years to revamp the nation’s infrastructure.

In the Asian session, at GMT0400, the pair is trading at 1.2296, with the EUR trading slightly lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2252, and a fall through could take it to the next support level of 1.2207. The pair is expected to find its first resistance at 1.2324, and a rise through could take it to the next resistance level of 1.2351.

With no macroeconomic releases across the Euro-zone today, traders would look forward to the US NFIB small business optimism index for January, slated to release later in the day.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

GCI Financial
GCI Financialhttp://www.gcitrading.com/
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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